Market structure Essay Example | Topics and Well Written Essays - 1000 words

Market structure - Essay Example The Spangles candy was a fruity boiled sweet with a slight fix about it, the packaging letters were big fat bottomed font, and they came in several flavors. These candies were popular enough that they made their way into pop culture through songs, and cultural references. â€Å"They were launched a few years ago, but didn't seem to take off. The wording on the packaging was in that big fat-bottomed font, the same one that The Goodies used on their opening titles.† (BBC h2g2, 2011) Available market segments include, persons who were born 5 years prior to the initial release of these candies through persons who were born in the late 1960’s, this would include the ages of 63 – 45. Another market segment could be a foreign market base, the youth market, and potential additional markets like comedy fans. Basic objectives for marketing the Spangles branded candy would be to increase product awareness by 20% in the first year, revive the popular side within the first 6 months, decrease customer resistance to buying our product, which would lead to a 50-100 percent increase in sales within the first year. To accomplish these goals we will need to introduce a valid marketing strategy. In the case of this candy we will want to use focused insertion, and narrow advertising structures. It will be important to introduce the product as a special historical re-launch. An additional objective should be the raised awareness of the Mars ® brand name as a result of the campaign, increases of between 10-15% should be realized in the entire Mars ® line which will make the re-launch a success regardless of the eventual outcome of the Spangles line itself. The price should be approximately what it was at the time of its peak popularity for the initial marketing phase; advertising should be done during the most popular hours of television and radio use for the target market. Distribution should be completed at the popular shopping destinations that already car ry other Mars ® products. One potential approach is to use displays that focus on Spangles as the â€Å"Candy you grew up with.† Another possible approach would include different flavours as well as less boisterous yet still â€Å"retro† looking label on the candy itself. Possibly the â€Å"green† approach can be utilized by promoting the use of recycled materials in the wrappings. Another approach could be the use of popular comedians as personalities promoting the cultural aspects from a comedic point of view on television and radio. If the product is marketed with current pop culture icons as spokespersons the additional benefit would be the appeal to the younger generation. By generating a potential new market and by using easily recognized pop culture icons Mars ® could potentially increase their market share not only through the re-launch of the Spangles boiled sweets but also increased interest in current products. If the marketing approach is followe d the potential for name recognition and additional sales of other popular Mars ® products should increase by 15% or more. Additional approaches can be looked to when the initial launch is complete and sales numbers have been returned. A successful re-launch could mean expanded markets in countries where retirees